Saudi Minister's Visit to Estonia Strengthens Strategic Partnerships and Fuels Investment Prospects

With the aim of further strengthening strategic partnerships and unlocking new investment avenues, the Saudi Minister of Investment, Khalid Al-Falih, embarked on an official three-day visit to Estonia at the end of June 2023. During this visit, Al-Falih engaged in discussions with Estonian Prime Minister Kaja Kallas and other high-ranking government officials, among whom Tiit Riisalo, the Estonian Minister of Economic Affairs and Information Technology, and Madis Kallas, the Minister of Regional Affairs. The visit culminated in the signing of five memorandums of understanding (MoUs) between companies from both nations. 

These MoUs span a number of key areas, such as trade, technology, and entrepreneurship, underscoring the scope of potential collaboration. More importantly, as part of a concerted effort to cultivate economic ties and foster diversification, the Kingdom's Ministry of Investment also established a business council in partnership with the Federation of Saudi Chambers and the Estonian Chamber of Commerce and Industry.

Among the MoUs was an agreement between Saudi Arabia's Shammal Commercial Investment Co. and Estonia's cutting-edge tech startup, GScan. This collaboration seeks to establish a joint venture and introduce muon flux technology—an innovative method of exploration and imaging—to the Kingdom.

To explore expansion opportunities within Saudi Arabia and establish a robust support framework, the entrepreneurship sector department of the Ministry of Investment also concluded an agreement with 5.0 Robotics, a prominent Estonian manufacturer specialising in computer numerical control machines. Additionally, a significant cooperation agreement was forged between the ministry and Auve Tech, an Estonian autonomous systems developer, fostering a strategic partnership that is expected to ease knowledge exchange and exploration of manufacturing prospects in the region.

Another milestone agreement was reached between Rigel Capital, a capital management firm, and Clevon, an Estonian pioneer in autonomous delivery innovation. This collaborative effort aims to bolster the expansion of groundbreaking autonomous technology within the Kingdom. A Clevon Academy branch is also to open in Saudi Arabia.

During the visit, the Estonian-Saudi Investment Forum, which was held in the Estonian capital Tallinn on 22 June, also served as a platform for government officials and leaders from the private sector to explore funding opportunities in the areas of technology, startups, and the energy transition.

Over the past two years, Saudi Arabia and Estonia, recognised as one of Europe's digital frontrunners, have consistently endeavoured to enhance their bilateral relations as evidenced by the increasing number of official visits between the two nations. In May 2023, Governor of the Digital Government Authority, Ahmed Mohammed Al-Suwayan, led a delegation to Estonia to further deepen strategic partnerships in the area of digital government.

During his visit, Al-Suwayan held discussions with key government figures and with CEOs of prominent technology companies, fostering dialogues centred around strategic partnerships in the domain of digital government and promoting knowledge exchange.

In 2022, trade between Saudi Arabia and Estonia soared to USD 412 million, attesting to the growing economic cooperation between the two nations.